A. On and after the effective date of this section, pension benefits shall be increased to those members who have previously retired only upon the action of the City Council and only if the funded status of the fund is such that sufficient provision is made to provide for the accrual of normal cost of future service benefits and of interest on unfunded accrued liabilities.
B. The fund shall pay a member a special ad hoc postretirement adjustment if all of the following apply:
(1) The retiree has terminated active employment with the City as a member.
(2) The retiree is receiving a retirement benefit from the City on the basis of active employment with the City as a police officer.
(3) The retiree began receiving the pension benefit before January 1, 1996.
C. Except as provided in Subsections D and E, the fund shall pay a member a monthly special ad hoc postretirement adjustment under this section that shall be calculated as follows:
(1) The base adjustment shall be determined by multiplying 15 cents by the years of service and then multiplying that product by the years on retirement.
(2) The longevity factor shall be determined as the sum of the products calculated by multiplying 0.025 by the years on retirement and 0.05 by the years on retirement in excess of 25, if any.
(3) The longevity adjustment shall be determined by multiplying the base adjustment calculated under Subsection C(1) by the longevity factor calculated under Subsection C(2).
(4) The special ad hoc postretirement adjustment payable under this section shall be the sum of the base adjustment calculated under Subsection C(1) and the longevity adjustment calculated under Subsection C(3).
D. Limitation. If a retiree is entitled to be paid a special ad hoc postretirement adjustment by more than one municipal retirement system, the amount of the special ad hoc postretirement adjustment under Subsection C shall be reduced before such payments commence so that the total of all these adjustments paid to the retiree does not exceed the amount specified in Subsection C.
E. Modification in the amount of 2002 special ad hoc postretirement adjustment. The amount of the special ad hoc postretirement adjustment calculated under Subsection C shall be reduced annually by 65% of the total amount of any postretirement adjustments provided to the retiree under any other City pension plan after December 31, 1988, and before January 1, 2002, and paid in the immediately preceding year.
F. The special ad hoc postretirement adjustment under this section is effective on the date of the first pension benefit payment issued after June 30, 2002. If the special ad hoc postretirement adjustment under this section is not commenced in the initial retirement benefit payment occurring after June 30, 2002, the special ad hoc postretirement adjustment shall be included as soon as practicable in the pension benefit payment of the retiree, and the initial pension benefit payment that includes the special ad hoc postretirement adjustment also shall include the total amount of the special ad hoc postretirement adjustments previously omitted from the pension benefit payments made after June 30, 2002.